South Jersey Industries (SJI) has reported 44.59 percent plunge in profit for the quarter ended Mar. 31, 2017. The company has earned $37.72 million, or $0.47 a share in the quarter, compared with $68.07 million, or $0.95 a share for the same period last year.

Revenue during the quarter grew 27.86 percent to $425.83 million from $333.04 million in the previous year period. Gross margin for the quarter contracted 2135 basis points over the previous year period to 31.40 percent. Total expenses were 84.10 percent of quarterly revenues, up from 65.69 percent for the same period last year. That has resulted in a contraction of 1841 basis points in operating margin to 15.90 percent.

Operating income for the quarter was $67.69 million, compared with $114.25 million in the previous year period.

“First quarter results included strong growth in regulated utility earnings, stemming largely from the benefits of infrastructure investment and customer additions,” said SJI President and Chief executive officer Michael J. Renna. “The contribution from operating performance in our non-utility businesses for the quarter is also noteworthy, as it was achieved from high quality, repeatable sources, absent the benefit of investment tax credits, and in an unseasonably warm winter.”